Shares of Coal India (CIL) today surged over 8 per cent after the company said its board has approved a hike in non-coking coal prices for both power and non-power consumers with immediate effect.
The stock gained 7.69 per cent to Rs 310 on BSE.
At NSE, shares of the company soared 8.19 per cent to Rs 311.
The stock was the biggest gainer among the bluechips on both the key indices - Sensex and Nifty.
In terms of equity volume, 12.62 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the morning trade.
Coal India sources indicated that the average price hike could be around 10 per cent.
Due to this revision, the world's largest coal miner will earn an incremental revenue of Rs 1,956 crore for the remaining period of 2017-18 fiscal while total revenue will be Rs 6,421 crore, the company said in a regulatory filing.
The miner was compelled to revise prices in the wake of rising costs which was a drag on its profitability for the last few quarters.
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